25.03.2021 – 00:31
comparis.ch AG
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Press release
Comparis analysis on rental guarantee insurance and rental guarantee accounts
Rental guarantee insurance: wide price differences
In terms of rental guarantee insurance, premiums vary considerably: the most expensive amounts to more than 900 francs over three years for tenants, which is almost 40% more than the cheapest insurance in the comparison. This is what an analysis carried out by Comparis reveals. Regardless of the insurance chosen, the amount paid for the premium is lost. On the other hand, the amount paid for a deposit is remunerated, and tenants get it back when they move out. “Taking out guaranteed rental insurance is only relevant in the event of temporary financial difficulties,” says Frédéric Papp, Money expert at Comparis.
Zurich, March 25, 2021 – More than 20% of the Swiss population plan to move within the next twelve months, as evidenced by the recent Comparis representative survey on the moving behavior in Switzerland. The law allows landlords to charge up to three months’ rent as a deposit. Rental guarantee insurance advances the amount of this deposit for new tenants who, in return, pay an annual premium. And on this point, the differences are considerable. This is shown by an analysis by Comparis, the Internet comparator, of six rental guarantee insurances. Smartcaution did not wish to participate in the comparison.
Almost 40% difference between premiums
At Firstcaution, taking out guaranteed rental insurance over three years for a deposit of 6,000 francs costs 936 francs. This is almost 40% more than at Axa, where the premium is 680 francs. But be careful, Axa only applies this rate to those who also choose this company for private liability insurance. Otherwise, the premium is 756 francs. An identical rate to that of Helvetia, except that Helvetia does not require the subscription of private liability insurance. It takes 916 francs for the insurance offered by Swisscaution, a subsidiary of La Mobilière. Next come Zurich Assurances and goCaution, which charge 855 and 850 francs respectively.
For Frédéric Papp, Money expert at Comparis, these significant differences are all the more embarrassing because the money is lost no matter what. “The premiums are payable in all cases. If the tenants cause damage to the apartment, guaranteed rental insurance simply allows them to have the sum of money advanced to cover said damage. Then, the insurer requests reimbursement of the sum from the tenant, ”explains the expert. In the case of a deposit on the other hand, the money is remunerated. And at the end of the lease, this money is returned to the tenant, less the amount of any repairs to be made.
Discounts for young people: a sham
Swisscaution and Firstcaution give a discount to customers under 26 and 30 respectively. However, despite everything, the cumulative premiums of 846 francs (Firstcaution) and 790 francs (Swisscaution) are not the most advantageous.
More than half of the amount of the deposit spent on premiums after ten years
“Taking out guaranteed rental insurance should only be considered to alleviate temporary financial difficulties,” says F. Papp. The longer the term of the contract, the more expensive the insurance is for the policyholder.
Comparis has thus calculated the cumulative amount of the premiums for contractual periods of five and ten years (amount of the deposit: 6000 francs). For a five-year contract, the amount of premiums varies between 1,134 francs (Axa) and 1,608 francs (Firstcaution). Over 10 years, more than 3,268 francs are swallowed up in premiums with the most expensive insurance (Swisscaution), or more than half of the amount of the deposit.
Rental guarantee accounts: the most advantageous option
Tenants are doing much better by paying the entire deposit into a deposit account provided for this purpose. “However, you have to be careful when choosing the bank where the money will be placed,” explains F. Papp. The analysis carried out by Comparis shows that while some banks are content to remunerate the assets, others charge up to 150 francs for opening costs (Cantonal Bank of Valais) or up to 100 francs for the closure of the account (Banque Cantonale Vaudoise).
As a general rule, it is the lessor who specifies with which bank to open the account for rental guarantee. “But there is nothing to prevent the banking relationship from being negotiated. It is better to choose a bank that pays interest without charging fees, ”adds F. Papp.
Pour plus d'informations : Frédéric Papp Expert Argent Téléphone: 044 360 34 30 E-mail: [email protected] comparis.ch
About comparis.ch
With more than 100 million visits per year, comparis.ch is one of the most visited websites in Switzerland. The company compares the prices and services of health funds, insurance companies, banks and telecom operators. It also presents the largest online offer in Switzerland for cars and real estate. With its detailed comparisons and in-depth analyzes, it contributes to more transparency in the market. comparis.ch thus strengthens consumers’ expertise in decision-making. A company founded in 1996 by economist Richard Eisler, comparis.ch now employs around 180 people in Zurich.
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